6 Former Six Flags Parks Sold To CNL Income Properties (REIT)
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As commercial real estate prices increase for large holdings and buildings, many companies are going to start moving these assets off their balance sheets and selling them to Real Estate Investment Trusts.
This has happened as PARC 7F Operations has sold 7 former Six Flags properties, Waterworld in Concord; Darien Lake in Buffalo, N.Y.; Elitch Gardens in Denver; Frontier City & White Water Bay in Oklahoma City; Splashtown in Houston; and Wild Waves & Enchanted Village in Seattle to CNL Income Properties for 312 million dollars.(Mercury News)
The benefit for these companies is that it takes an asset that investors are not recognizing in the stock price and converting it to cash which can help grow the company. Many companies have large facilities on their books that are not reflected in their stock prices.
Once these assets are moved to a seperate entity and are allowed to be recognized and start performing the company can see the benefits from the sale and also if they own a part of the spin off company.
Expect this trend to accelerate in the near future.
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